Weaker-than-expected wages figures have strengthened the prospect of a cash rate pause, even as private sector pay rises hit new highs.
Weaker-than-expected wages figures have strengthened the prospect of an extended cash rate pause, even as public sector salaries grow at their fastest pace in a decade and private sector pay rises hit new highs.
The outcome also fell short of the 0.9 per cent increase in the seasonally adjusted consumer price index, meaning real wages have declined for 12 quarters in a row. About 12 per cent of private sector employees received pay rises in June, which was in line with the pre-pandemic average. Workers who got a pay bump had an average 4.5 per cent wage increase, the highest rate since at least 2010.However, aggregate private sector wage growth held steady at 3.8 per cent since most workers did not receive a pay rise in the three months to June.
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